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当前我国各产业持续进行整合升级，逐渐趋向规模化发展和集约化管理。利用并购基金进行产业并购成为拓展产业链，提升企业价值，对外战略扩张的重要途径。泰格医药是国内最先上市的 CRO 企业，积极运作“上市公司+PE”型并购基金，拓展业务布局，加强市场竞争力。本文主要探寻其引入“上市公司+PE”型并购基金后对企业价值的影响路径及影响效果。

本文选取泰格医药作为案例企业，以并购基金的相关文献研究为基础，简要介绍并购基金各参与方概况，总结泰格医药参与设立并购基金的动因有拓展产业链和缓解融资压力，同时梳理此次并购基金的交易过程。其次，按照并购基金运作的流程脉络深入剖析“设募投管退”各环节如何助力泰格医药完成从价值发现、价值持有、价值促进到价值兑现的价值创造链条。最后，构建多层次企业价值评价体系，通过市场价值、经营业绩、无形资产协同和EVA值等方面，来衡量并购基金运作对泰格医药企业价值的影响。

通过本文发现“上市公司+PE”型并购基金对泰格医药企业价值的影响传递于各个流程环节，具体通过委托代理、资本结构、标的选择、经营业绩以及退出方式等要素实现。并购基金运作引起了投资市场的广泛关注，有助于泰格医药股东财富积累和财务能力的提升，同时也实现了创新和人力资源的协同，从而完成了企业价值的创造。但泰格医药并购基金运作过程中也存在巨额商誉减值隐患和业绩承诺不达标的潜在风险，最终结合本文案例实际提出相关启示。通过泰格医药并购基金运作的相关研究，正确认识“上市公司+PE”型并购基金模式对企业价值带来的影响，希望能给意向参与并购基金的企业提供一定的参考，实现产融结合，真正做到资本服务实体。

At present, various industries in my country continue to integrate and upgrade, and develop towards large-scale and intensive development. The M&A funds has become an important way to expand the industrial chain, enhance the value of enterprises, and expand strategically when a company conducts industrial mergers and acquisitions. Tigermed is the earliest listed local pharmaceutical CRO company in my country. It actively uses the operation of "listed company + PE" M&A funds to expand its business layout and enhance its market competitiveness. This paper mainly expounds the path and effect of the impact of the new M&A fund model on enterprise value.

This paper selects Tigermed as a case company and briefly introduces the profiles of the participants of the M&A fund.Based on the relevant literature research, the author concluded that Tigermed's participation in the establishment of M&A funds was motivated by expanding the industrial chain and relieving financing pressure.At the same time, the transaction process of the M&A fund was reviewed. Secondly, according to the process of M&A fund operation, it deeply analyzes how each link of "fundraising, investment, management and withdrawal" helps Tigermed to complete the value creation chain from value discovery, value holding, value promotion to value realization. Finally, it builds a multi-level enterprise value evaluation system and measures the impact of M&A fund operation on Tigermed's enterprise value through market value, business performance, intangible asset synergy and EVA .

Through this paper, it is found that the influence of "listed company + PE" type M&A fund on Tigermed's corporate value is transmitted to each process link, which is realized through factors such as entrusted agency, capital structure, target selection, business performance and exit method. The operation of the M&A fund has attracted widespread attention in the investment market, which helps Tigermed shareholders to accumulate wealth and improve their financial capabilities, and also realizes the synergy of innovation and human resources, thus corporate value can be created. However, there are also potential risks of goodwill impairment and substandard performance commitments in the operation of Tigermed M&A Fund. Finally, relevant inspirations are put forward based on the actual case of this paper. Through the relevant research on the operation of Tigermed M&A fund, we can correctly understand the impact of the "listed company + PE" type M&A fund model on enterprise value. we wish to provide some reference comments for companies which intend to make use of the M&A fund, so as to realize the integration of industry and finance. Let capital serve entities really.